Wheat Declines as U.S. Planting Progresses; Corn, Soy Fall

November 6th, 2013

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Category: Grains, Oilseeds

(Wall Street Journal) – Wheat futures fell as planting of winter varieties progresses in the U.S., the world’s biggest exporter of the grain by volume, amid ample soil moisture that has improved crop prospects. Corn and soybeans also declined.

About 91% of winter wheat in the U.S. was planted as of Sunday, versus the five-year average of 90%, according to the Department of Agriculture. As much as three times the normal amount of rain has fallen in parts of Kansas, the biggest U.S. wheat producer by volume, in the past month, National Weather Service data show. That will improve soil moisture in areas where drought has curbed yields for the past three years.

Chicago Board of Trade wheat futures for December delivery fell 6 3/4 cents, or 1%, to $6.56 a bushel.

Soybean futures for November delivery on the CBOT fell 4 3/4 cents, or 0.4%, to $12.59 1/4 a bushel. Corn futures for December delivery declined 1 1/4 cents, or 0.3%, to $4.25 a bushel in Chicago.

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